Anyone that owns a home knows that there is always something you could be doing to improve it. Sometimes this can be a little overwhelming as you take a walk around the property but the best thing to do is to take it step by step and to sit down and research what really needs attention.
There are some home improvement projects that will give quick wins: converting an area under the stairs to a storage zone makes use of redundant space for example and can be done for little expense. Other projects such as adding on an extension to gain something such as an en-suite bathroom will take more planning, paperwork, effort and of course money.
Budget is of course everything in this and it is important to fully know your budget before starting out. Within that budget it is a good idea to leave a 10-15% contingency for issues that crop up that you didn’t foresee as this will almost always occur.
Once you have decided what your home lacks or what it needs to make it a better place, it is time to choose trades people to do the work. You’re parting with your hard earned cash on this project so it is vitally important to get reliable people working on the job. Ask your friends and family for recommendations and go and view the work. If that isn’t an option, find for example a builder and ask him for some testimonials or check his website for some. Sometimes carpenters or builders might also have Facebook pages where people have left reviews and comments about past work so check there too.
This infographic from HalfPrice.com.au highlights some home improvement projects to consider taking on for your home. It also examines some which might not be such a good idea and it also gives some good insider tips. Check it out below!
Summary of Infographic
So let’s see the most important points discussed on the infographic above about home improvement ROI for your property:
The Most Valuable Home Improvements for best Return on Investment (ROI)
- Kitchen Remodelling: You can recoup 60% – 120% of your investment.
- Bathroom Addition: You can recoup 80% – 130% of your investment.
- Deck Addition: You can recoup 65% – 90% of your investment.
- Renovating/Fixing the Basement or Attic: You can recoup an average of 70.4% of your investment.
- Basic updates in the house such as new painting, replace rotting wood, get rid of mould etc, will add better buyer’s perspective of the property.
- Install Energy Efficient Windows: Great improvement which will benefit the owner in the long term even if the house is not sold. You can recoup 60% – 90% of your investment.
- Energy Efficient Insulation: Cost is around $2,500 to $5,000 and will take between 12.5-25 years to recoup the cost.
- Solar Panels: Great improvement which will benefit the owner in the long term even if the house is not sold. You can recoup your investment between 6-10 years and then its pure profit in electricity savings.
The Least Valuable Home Improvements with the lowest Return on Investment (ROI)
If you are planning to sell your home in the near future, you should avoid the following home improvements as they offer the least value for your money:
- Home Office Remodelling: The average home office renovation costs $28,000 with only 46% ROI.
- Swimming Pools: Many people (especially families with little children) avoid buying a house with a pool. Average 30%-50% ROI.
- Gourmet Kitchen: Does not appeal to many people.
- Sunrooms: Average ROI between 49%-59%
- Whirlpool baths: This project can cost thousands of dollars with low ROI.
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